Bank of Baltimore

The Bank of Baltimore was a bank based in Baltimore, Maryland, that was chartered in 1795 and failed during the Panic of 1857. It was the seventh American bank to begin business in the United States and the second bank in Maryland.

The Bank of Baltimore was chartered on Christmas Eve, December 24, 1795, with $1,200,000 capital in the city of Baltimore, Maryland. The bank was the seventh American bank to begin business in the United States and the second bank in Baltimore, and in Maryland. The Charter provided that subscriptions would be opened the first Monday of the following June 1796 for 1,240 shares under the superintendence of the leading business men and civic leaders of Baltimore, including:

Subscriptions for stock were also received from other parts of the state. On October 14, 1796, the bank's share-holding members elected directors:

Smith, Hollingsworth, Winchester and Etting were authorized to receive proposals for offices or a house or securing a lot on which to erect a bank building.

During the years 1790 to 1800 the Bank of Maryland, first financial institution in the newly emergent Town and City of Baltimore (town incorporated as a city, 1796-1797) and the state of Maryland and was in need of increased capital to meet demand. The Bank unsuccessfully attempted to double its capital in 1795. As a substitute, the B. of M. proposed to the General Assembly of Maryland, (the Maryland State Legislature) to grant a charter to establish another bank which might later consolidate with the Bank of Maryland, upon consent of both parties. this clause was later stricken and so this "Bank of Baltimore" was chartered as an entirely separate institution, receiving its charter in 1795. However, the Bank of Maryland might later become a holder of the Bank of Baltimore stock.

The charter of this bank was for 20 years and the state reserved the right to subscribe for 6000 shares at $300 each, and appoint two of seventeen directors annually. The first president of the bank was George Salman, elected in 1796 and served until 1807. Additional presidents during the B. of B.'s first century were as follows: William Wilson, 1807 and succeeded in 1824 by Brig. Gen. John Stricker (of 1814's Battles of North Point and Baltimore fame in the War of 1812) until his death June 23, 1825, and William Lorman was elected in his place. Mr. Lorman was succeeded by Joseph H. McCulloh in 1841 who was followed in December 1853 by C.C. Jamison, the former chief cashier, who died a decade later Sept. 9, 1863. On Oct. 1, 1863, Gen. Henry A. Thompson was elected as the seventh president, serving until his death on March 12, 1880. He in turn was followed by Christian Devries.

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